Both. EQ is alright I suppose, but so many other MMO games have come out since then that do it so much better then EQ did (IMO).
And I really don't like some of the EQ2 design decisions (i.e. group debt, the idea and implementation of a "group mob"). Plus, from what I've seen and played, it's still more of the boring grind game, with pretty (sort of) and system hogging graphics.
Personally, if we just want to talk graphics for a second, the EQ team needs to fire their graphics programmers since their engine is way too system hungry for the quality it puts out. (I remember a certain EQ expansion that upgraded the player graphics models, but required an insane amount of RAM if you wanted to actually see all the new models. That's just bad coding)
If I had to pick one reason why WoW is better then every other MMO game I've played (and I've played quite a few and been on the programming team for one - that one didn't have a level grind btw
), it's because there is no level grind. Or at least, the level grind is hidden so well under the thousands of quests you can take that it isn't noticable.